[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.
Here I have important INDIA real estate news to share with you which is as mention under.
India’s hotel sector, one of the worst-hit segments of the economy, contracted 47 percent
in the April-June quarter, data released by the National Statistical Office (NSO) on August
The sector saw a growth of 3.5 percent in the same period last year.
The drastic fall in numbers was reflected in the country’s economy that shrank by an
unprecedented 23.9 percent in the June quarter, the first GDP contraction in more than 40
years as the coronavirus and lockdown ravaged businesses and disrupted the broader
The hotel and restaurant industry bore the brunt of the outbreak and lockdown that
restricted travel and forced people to stay home.
The restrictions resulted in a severe drop in foreign and domestic travel, across both
business and leisure travel segments.
In 2019, the tourism industry contributed around 9 percent to India’s GDP and generated
87.5 million jobs, which is about 12.75 percent of total employment of 2018-19, according
to the World Travel and Tourism Council (WTTC).
WTTC had estimated the revenue losses of up to $ 2.7 trillion with 100 million jobs at risk
globally. In India, the next one year is going to be the most difficult for the travel and
tourism industry, with estimated revenue and job losses at $17 billion and 40 million
(both direct and indirect) respectively, it said.
May 2020 experienced an occupancy decline of 77 percent over the same time last year.
As per estimates, the occupancy in branded hotels in 2020 is set to decline by about 20
percent over 2019 and average daily rate (ADR) by more than 8 percent.
Read more at: https://www.moneycontrol.com/news/business/real-estate/india-gdp-q1-data-hotel-sector-shrinks-47-it-will-be-a-long-road-to-recovery-5779731.html